8th July 2021 Morning Report

US Shares rallied to record highs Wednesday, as investors took solace in the minutes from the latest Federal Reserve policy meeting, that indicated the central bank was in no hurry to raise rates. The bond market showed no signs of concern about inflation with the yield on the 10-year treasuries falling to 1.321%.

The Dow Jones Industrial Average closed 0.3%, higher while the S&P 500 and the Nasdaq Composite advanced 0.34% and 0.01%, respectively. Both the S&P 500 and the Nasdaq finished in record territory.

Overseas markets were mostly higher. European bourses were up with France’s CAC 0.31%, Britain’s FTSE 100 0.71% and Germany’s DAX 30 1.17% respectively.  

In Asia, China’s Shanghai Composite gained 0.67% while Hong Kong’s Hang Seng index and Japan’s Nikkei 225 declined 0.4% and 0.96%, respectively. 

West Texas Intermediate crude slipped $1.16 to $72.21 a barrel. Gold rose to $1,801.50 an ounce. 

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